BOOT vs SHOE: Correlation
How closely do Boot Barn Holdings, Inc. (BOOT) and Shoe Station Group, Inc. (SHOE) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOOT and SHOE?
On 3 years of weekly data the BOOT/SHOE correlation comes out at 0.53, moderate. The link has tightened recently: the 1-year correlation (0.65) runs above the 3-year figure (0.53). The 5-year figure is 0.56, and annualized covariance runs at 1088.3 %².
In BOOT's tracked universe of 12 assets, SHOE sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months BOOT outperformed by 22.6 percentage points (-12.1% for BOOT against -34.7% for SHOE).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BOOT vs SHOE: side by side
| BOOT (Boot Barn Holdings, Inc.) | SHOE (Shoe Station Group, Inc.) | |
|---|---|---|
| 1-year return | -12.1% | -34.7% |
| 5-year return | +77.0% | -59.3% |
| Volatility (ann.) | 47.6% | 43.2% |
| Beta vs S&P 500 | 1.52 | 1.24 |
| Max drawdown (3Y) | -48.9% | -68.0% |
| Market cap | $4.7B | $0.4B |
| P/E (trailing) | 20.2 | 10.3 |
| Dividend yield | 0.00% | 4.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BOOT | SHOE |
|---|---|---|
| 2022 | -49.2% | -38.0% |
| 2023 | +22.8% | +28.5% |
| 2024 | +97.8% | +11.2% |
| 2025 | +16.2% | -47.6% |
| 2026 | -11.8% | -15.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOOT and SHOE good diversifiers for each other?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BOOT and SHOE?
The BOOT/SHOE correlation stands at 0.53 on a 3-year window (1 year: 0.65, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SHOE a good diversifier for BOOT?
To a limited degree. At 0.53 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/boot-vs-shoe.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/boot-vs-shoe/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BOOT correlations · SHOE correlations
